A house built in 1977 was sold in May 2008 for Rs.85.00 lacs after indexation the indexed cost was 36.00 lacs and the capital gain was 49.00. Exemption u/s 54 was taken being amount invested in purchase of residential plot for Rs.53.65 lacs. In Nov 2008. No construction has been done on this plot and now I want to sell this plot and buy a house from the sale proceeds. What is the position regarding exemption already availed under Capital Gains. Shall I have to pay tax now ? What shall be the position as regards to the second transaction i.e. sale of plot and purchase of house?
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